Silk & Sons Goes Active At iPass

Silk & Sons owned 3.835mm shares of iPass at the end of 2014. But it changed its stake from passive to active today and revealing it owns 3.85mm shares. Or It owns 5.8% of the company and notes that it will support the group that went active last week, including Maguire Asset Management, Francis Capital Management and Foxhill, in hopes of shaking up the board.

Here’s C. Silk’s quick thesis: The dependence on WiFi and rise of mobile devices makes iPass attractive. It also has had major customer wins of late, including Microsoft, GE, Hewlett Packard and Facebook. But the board has failed to increase shareholder value. It’s necessary to make major changes to the board.